Obama's meeting with House and Senate leaders is his first since the new, fully Republican-run Congress was seated last week.
Senate Democratic leader Harry Reid, long Obama's stronghold in the Senate, was demoted by the November elections to minority leader.
GOP leader Mitch McConnell, a persistent thorn in Obama's side as minority leader, now has Reid's old job running the upper chamber.
The three were to join House Speaker John Boehner and House Democratic leader Nancy Pelosi in the Oval Office to discuss opportunities for potential cooperation between Democrats and Republicans this year.
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Both parties exited the midterms last year speaking optimistically about working together on tax reform, trade promotion and infrastructure development, areas where Obama and Republicans see at least partially eye to eye.
But the start of the year has been dominated by familiar battles over the Keystone XL pipeline, Obama's immigration actions and foreign policy.
Over the last two weeks, Obama has repeatedly threatened to veto bills that Republicans have put forward as their priorities. Still, White House spokesman Josh Earnest said there were a "whole host of things" that Obama could do this year with Republicans.
"The president certainly hopes that it won't," he added. It was unclear whether Reid would actually attend. He is recovering from an exercise-related injury and his spokesman declined to say whether he would be at the meeting.